Our fantastic security engineers have built a transaction monitoring engine that uses a set of rules alongside machine learning to flag suspicious activity for us to take a closer look at, that’s one of our main tools. Another thing we have in our arsenal is a COps team (and actually a whole company) that is trained to spot the indicators of fincrime, even when they’re very subtle
You’re right, it’s a combination of all 3, I think it’s easy to fall into the trap of thinking about fincrime as just fraud, whereas it’s a much wider scope.
From a fraud perspective it’s fairly cut and dry, we don’t want people (Monzo users or customers of other banks) to lose money to criminals, and we ourselves don’t want to lose money to criminals.
In a wider sense the impact of things like bribery and corruption, trafficking, terrorist financing, organised crime, tax avoidance etc. have on society can be huge. All these things touch the financial world at some point and beyond our regulatory obligations to stop this kind of thing it’s something we feel is right to do, and do well.
Cheers for clarifying, along with the frontline team we investigate this kind of thing and stop it. It’s an interesting side of the role, I have less experience in it personally but it’s made for some interesting work in the past where I’ve been involved.
They’ll have their accounts closed where we can return stolen funds we do that too and we’ll chat to the banks involved if need be to make sure that’s sorted. There’s a requirement to report financial crime to the authorities so we do that, the exact form that takes depends on the type of crime being committed, it can be a fair amount of admin sometimes
Amazing Q&A - thanks @JarnoWolf for doing this!
I feel like we’ve all learned a lot about the world of financial crime.
Thanks to all who asked questions - we’ll be back next week with another Staff Q&A
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